NEW
YORK, June 27, 2022 /PRNewswire/ -- In
conjunction with Churchwick Partners, David
Kaye and Joe Listhaus of
Rockledge completed their Sonesta portfolio acquisition by adding
another 347 keys across three hotels in three separate states. The
assets included Sonesta ES Suites in St
Louis, MO, Sonesta ES Suites Minneapolis in Eagan, MN and Simply Suites Detroit Southfield
in Southfield, MI.
The collaborative group is actively looking
for extended stay hotels in dense markets across the United States.
Last month, Churchwick and Rockledge closed on the first portion
of the portfolio consisting of 7 Sonesta hotels, which accounted
for 1,085 keys across 6 states. The Churchwick and Rockledge teams
are excited to close this transaction and look forward to building
their pipeline of extended stay hotels throughout the rest of 2022
and beyond.
The collaborative group is actively looking for extended stay
hotels in dense markets across the United
States. They have begun with a strong foothold in the
Midwest and Southeast. The companies are open to exploring other
markets that have extended stay hotels over 80 keys.
Jaime Gitler, a partner at
Churchwick Partners had this to say about the completion of the
acquisition:
"Being able to execute a complicated transaction and financing
in one of the worst credit environments in the last 10 years is a
continued testament to our differentiated approach. The wealth of
experience in capital markets coupled with a best-in-class
operational team continues to position Rockledge
and Churchwick as preferred partners to sellers. History will
show that execution in this time period will be a defining
highlight in our storied enterprise."
Churchwick Partners and Rockledge now own a total of 1,519 keys
across the US. Please reach out to the contact below if you have a
deal you think they would be interested in.
About Rockledge (www.rockledgecre.com)
Contact: Eli Greenberg –
646-601-6069 – eli@rockledgecre.com
Rockledge is a diversified, privately-owned real estate
investment company focused on long-term value creation and
repositioning properties in New York
City and the surrounding areas. Currently, the company owns
commercial, retail, hospitality and multi-family residential
buildings throughout New York and
New Jersey. In September of 2021,
Rockledge added hospitality to their acquisitions criteria and have
since closed on 10 total hotels with additional properties in
contract. Rockledge is actively seeking additional extended stay
opportunities across the country and is looking to close on more
than 100 extended stay hotels over the next 24 months. If you have
any extended stay or hospitality deals, please send to
deals@rockledgecre.com
About Churchwick Partners
(www.churchwickpartners.com)
Churchwick Partners is a tactical real estate investment firm
that seeks to deploy capital in opportunities with durable and
resilient long-term cash flow. Their focus includes the acquisition
of properties with upside from both long-term rate cap compression
and value-added ancillary income generation. The firm's defensive
strategy is to buy all-weather assets that have proven resilient to
political, regulatory, and macroeconomic risks. They look to invest
in assets with demonstrable acyclicality, variable cost structures,
and high operating leverage. The Churchwick team brings a wide
range of investment industry experience in both credit and equity
from bulge bracket investment banks and private investment
firms.
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SOURCE Rockledge